Help to Buy Scheme for First Time Buyers

John A Sinnott Solicitors, property advice 2

Update: November 2021 – This scheme has been extend to the 31st of December 2022.

The ‘Help to Buy’ scheme applies to first time buyers, or those self-building, a new residential property between the 19th of July 2016 and the 31st of December 2021.

The key qualifying criteria are:

  • The first-time buyer must never have bought or built a residential property before, either individually or jointly
  • All parties to the purchase or self-build must be first time buyers
  • The property must be a new property
  • The property must be the purchaser’s home – it does not apply to investment properties.

The incentive provides for a refund of income tax and DIRT paid over the previous four tax years.  The refund will be 5% of the purchase value of the new house (or for those self-building, 5% of the approved valuation of the property) up to a maximum value of €400,000.  Therefore, the maximum refund applicable is €20,000.

A temporary enhancement was announced to this scheme last July that will be available until 31st December 2021.  The enhancement provides that where applicants satisfy certain conditions, increased relief is available up to a maximum of €30,000.  These conditions are outlined here

There are many new housing developments underway around County Wexford in 2021 that are eligible for the Help to Buy Scheme.  If you are thinking of buying or building in 2021, make sure to check your eligibility for this scheme.  Contact our property team for more information or 053-9233111.